[OPE-L:980] Re: Money and labour

Allin Cottrell (cottrell@wfu.edu)
Wed, 7 Feb 1996 09:11:29 -0800

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> For now, note that every value can be measured either in money
> or labour-time, and *also* every price can be measured either
> in money or labour-time. [Alan]

Nonetheless there is an important theoretical distinction. When I ask
what the (money) price of a particular commodity is, there is a
relatively clear-cut answer; similarly when I enquire into the
labour-time socially necessary to produce a given commodity. But if I
want to know the "price of a commodity in labour-time" I have to multiply
the actual, money price by a questionable magnitude, namely the "value of
money" in hours per monetary unit. Alan adverts to the fact that this can
change over time, complicating matters, but I'm more concerned with the
problems of the concept "at a point in time". Basically, it involves all
the index-number problems and indeterminacies associated with the
standard concept of "the general price level".